Thomson ReutersThe head offices of Valeant Pharmaceuticals International Inc. are seen in Laval, Quebec

NEW YORK (Reuters) - ValueAct Capital, a top shareholder in Valeant Pharmaceuticals, supports the company's standalone plan and does not believe the Canadian drugmaker has to buy Botox-maker Allergan, the investor told Reuters on Monday.

“A year on the sidelines waiting for (Allergan) to do a scorched earth sort of defense is a huge cost to Valeant," ValueAct Chief Executive Jeff Ubben told Reuters in an interview on Monday.

ValueAct has a roughly 5.7 percent stake in Valeant, making it the company's third-largest investor, according to Thomson Reuters data as of early May.

ValueAct likes a potential combination between Valeant and its takeover target Allergan, but said a drawn-out bidding war for the Botox maker might be too distracting.

The comments from Ubben also come alongside a release from Allergan that said the company recieved a second request from the FTC for additional information related to Valeant's unsolicited takeover proposal for the company.

CNBC's David Faber also reported earlier Monday that ValueAct, which also counts Microsoft among its largest holdings, recently amassed a nearly $1 billion stake in 21st Century Fox.

In afternoon trade on Monday, shares of Allergan were down about 2% and Valeant shares were down 1.7%.